Hi,
I'm opening a Fidelity Solo 401(k) account and would like to make prior year employer contributions (for 2023), which is allowed by the SECURE Act 2.0. I'm aware that since I'm establishing the plan after 12/31/23, I won't be able to make employee contributions for 2023 and will only be able to make employer contributions for 2023 before the tax filing deadline. This is for my sole proprietorship (no LLC or other legal entity) which received substantial income in 2023.
In the application I have to specify "New Plan Effective Date [Note: Cannot be earlier than the first day of the current Plan Year.]"
I want to make sure if I specify this as 1/1/24 (which it seems I have to, because the instructions do not allow an earlier date), I will still be able to make contributions for 2023.
Does anyone have experience with this? For reference, this is the application: https://www.fidelity.com/bin-public/060 ... eement.pdf
I'm opening a Fidelity Solo 401(k) account and would like to make prior year employer contributions (for 2023), which is allowed by the SECURE Act 2.0. I'm aware that since I'm establishing the plan after 12/31/23, I won't be able to make employee contributions for 2023 and will only be able to make employer contributions for 2023 before the tax filing deadline. This is for my sole proprietorship (no LLC or other legal entity) which received substantial income in 2023.
In the application I have to specify "New Plan Effective Date [Note: Cannot be earlier than the first day of the current Plan Year.]"
I want to make sure if I specify this as 1/1/24 (which it seems I have to, because the instructions do not allow an earlier date), I will still be able to make contributions for 2023.
Does anyone have experience with this? For reference, this is the application: https://www.fidelity.com/bin-public/060 ... eement.pdf
Statistics: Posted by boston10 — Sat Jan 13, 2024 9:14 am